Higher prices for zinc metal throughout much of the past year led to a substantial increase in 1989 revenues and earnings for Pine Point Mines (TSE). Unaudited net earnings for the year totalled $94.1 million or $20.30 per share, up from $62 million or $13.38 per share in 1988. The company’s interest in the Polaris operations in the Northwest Territories made a before-tax contribution of $34.8 million in 1989, compared with $18.9 million in the previous year.
Revenue from sales reached $226.1 million, an increase from $189.7 million in the previous year. This amount included $7.8 million representing final pricing adjustments on sales from Pine Point operations made in 1988.
Sales and shipments of zinc concentrate from the Pine Point operations in the Northwest Territories are expected to be completed during the first nine months of 1990. Lead concentrate deliveries should continue to the end of 1991.
Pine Point Mines plans to continue joint venture exploration programs near the existing Polaris mine (Northwest Territories) and in the Republic of Ireland in 1990. Pine Point Mines (TSE) Year ended Dec. 31 1989 1988 Sales Revenue (000s) 226,051 189,729 Net Earnings (000s) 94,100 62,011 Net Earnings
(per share) 20.30 13.38003
Be the first to comment on "Pine Point earnings up"